Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 46:

• JAMB 2008

Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
Determine the closing stock

A. N76 800
B. N67 800
C. N14 100
D. N11 400

Question 47:

• JAMB 2008

Give:
1. Ascertainment of the particulars of the proposed company
II. Preparation of the incorporation documents
III. Filling of the documents
IV. Registration of the company
From the information above, the stages involved in the formation of a company are

A. I, II and III
B. I, II, III and IV
C. I,IIand IV
D. II, III and IV

Question 48:

• JAMB 2008

The debit ratio is approximately

A. 43%
B. 42%
C. 41%
D. 23%

Question 49:

• JAMB 2008

Which of the following is true of Uju Nig.Ltd?

A. It is a highly geared company
B. It has no liquidity problem in the short term
C. It is adequately secured in fixed assets
D. It's working capital is zero

Question 50:

• JAMB 2008

Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
What was department Q's gross profit?

A. N2 500
B. N2 300
C. N 2 200
D. N1700